CMC Markets Review – Spread Betting

CMC Markets released the world’s first online Internet Foreign Exchange trading platform in 1996, and have since moved on to CFDs and Spreadbetting. Their reputation precedes them – they are the winners several times over of best Spread Betting Firm, awarded by Investor’s Chronicle, Trade2Win, and Shares Magazine. Awards made were based on levels of support, range of products, and the trading software itself.

CMC’s educational program is in-depth and expansive covering not only trading strategies, and more advanced elements of trading, but also equally important issues such as trading psychology. They run free seminars throughout the UK (in several languages), the more advanced seminars costing £100 each. They also run free live webinars which are archived to be watched again in case you’ve missed them. They regularly run a series of higher level courses which are not free, and their interactive CD Roms cost £99.

Two types of accounts are available – fixed risk accounts (a.k.a. ‘limited risk accounts’ with other providers) where all stop losses are guaranteed, and regular accounts. However, guaranteeing a stop loss is pretty much a matter of insuring the trade, and as such comes with a premium that is reflected in the account conditions. ‘Gapping’ can be avoided if you particularly avoid betting over weekends and stick to ‘day trading’ when learning the ropes, and so negate the need for a fixed risk account.

Like many spread betting firms CMC do offer Credit facilities, but only on accounts with more than a balance of £10,000. They do have several other account options such as joint, corporate and company, so make sure you are signing up for the correct one!

Unfortunately they don’t have a demo account, but if you are a beginner you could use another broker’s demo account (or two), and then try out a couple of brokers.

Their software offers real-time prices which is by now a standard, and ‘one-click’ dealing,which is a distinct advantage over the ticket systems where you would lose your original price by the time the deal was confirmed. Their software allows 24 hour access to tracking of your open positions, and is open all hours to place bets – as long as you are within the opening hours of your chosen market. Trades are offered on shares, indices, commodities, and currencies (Forex).

Screens are customisable, and members can access real-time charts, news and analysis. When you are dealing with a fast moving market, little differences like the ability to customise your dealing station can make all the difference.

They have the usual order types, but they also have If-Dones, and OCOs (One Cancels the Other) which are a very handy step towards developing your own auto-trading strategy, and are not offered by all online brokers. Usage of these functions allows you to step away from your screen a bit, giving you more time to research and develop to enhance your trading performance.

One blindingly obvious downside to CMC is their charges for transfer of funds by credit card (most all spread betting firms charge for tranfers, except Betonmarkets). Although 1.8% is not the highest rate out there, it certainly isn’t the lowest, but having said that, although dealing is all about making money, cost of transfer should not be the only criteria for choosing your spread betting firm.

Another handy feature is their Mobile trading platform which has all the necessary features required to confidently deal and monitor positions from your mobile phone, ideal for the beach – if you’re that way inclined.

Recommending CMC Markets is not a difficult choice, as the awards they have received are testament to their service levels, and the effectiveness and reliability of their software. They deal with over £1 trillion in transactions annually, making them one of the biggest, and most popular brokers. Whilst they do not have a demo account, there are times when it becomes obvious that a company didn’t get this big, and this good by providing their customers with ineffective software, so we are recommending that you check them out…..

Sign Up at CMC Markets here

The Facts

How to open an account

Minimum Deposit

  • £200

Minimum Bet

  • AWAITING EMAIL

Promotions

Deposit withdrawal

  • Major credit and debit cards
  • MasterCard, Visa, Delta, Electron, Switch, and Solo.
  • Credit cards carry a 1.8% transfer fee
  • Payments can also be made by cheque, electronic transfer, and Moneybookers (1.75% transfer fee
  • UK debit card transactions are free from charges

Trading platform Logon

Tutorials

  • A vast selection of topics, covered by webinars, seminars, and more.

Support

  • Email, free-phone

Operating System Requirements

  • Windows for download, or use online – Marketmaker:Web

Demo Account

  • Not currently available

Sign Up at CMC Markets here